MUST-READS

• SAMA licenses STC Bank to start operations in Saudi Arabia

  The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

• SFDA chief rules out plan to ban sale of cigarettes or vapes

  Saudi Arabia has no plan to ban the sale of traditional or electronic cigarettes, according to Dr. Hisham Al-Jadhey, CEO of the Saudi Food and Drug Authority (SFDA). His remarks came amid growing international discussions on tobacco regulations, with countries like Belgium opting for stricter measures, including bans on vaping products. Speaking on Rotana Khalejia’s program “Fi Al-Soura” on Monday, Dr. Al-Jadhey clarified that electronic cigarettes are subject to different regulations worldwide. He emphasized that e-cigarettes are not a safer alternative to traditional smoking, countering common misconceptions. Dr. Al-Jadhey highlighted the SFDA's overarching goal to encourage smokers to quit smoking entirely. “Our primary aim is to support smokers in transitioning away from tobacco use,” he said, while explaining that the authority works to ensure tobacco companies comply with established standards and regulations while actively monitoring potential violations.

• Commentary: Historical GCC-Lebanon partnership should be restored

  Several high-level Gulf Cooperation Council officials have visited Lebanon recently to show support for newly elected President Joseph Aoun and Nawaf Salam, his pick for prime minister. Last Thursday, Prince Faisal bin Farhan visited Beirut, becoming the first Saudi foreign minister to do so in some 15 years. Kuwaiti Foreign Minister Abdullah Al-Yahya and GCC Secretary-General Jasem Albudaiwi were in Beirut last Friday. They delivered similar messages to Lebanon’s new leadership. Kuwait holds the current rotating presidency of the GCC and has been keenly interested in restoring Lebanon’s close relations with the Gulf countries. Over the past two decades, Lebanon and the GCC countries became estranged as Hezbollah came to dominate Lebanon’s political, security and economic systems, including its foreign policy, which became aligned with Iran’s. It also dominated law enforcement and parts of the judiciary, frustrating investigations into its members and shielding them from accountability.

• Saudi Arabia Returns to Lebanon

  The visit of Saudi Foreign Minister, Faisal bin Farhan, to Lebanon last Thursday symbolizes a renewed interest from the Kingdom in the country, and an opportunity to tilt the balance in Lebanon against Hezbollah, and in the Levant – against Iran. The Kingdom has previously supported political forces identified with the Sunni population in Lebanon, to ensure a foothold in the country and try to curb Iran’s influence. However, over the past decade Riyadh significantly reduced its involvement and financial aid to Lebanon, due to the weakening of its local allies, including former Prime Minister Saad Hariri. In light of Hezbollah’s weakening, Joseph Aoun was appointed president and Nawaf Salam as prime minister, both identified with the camp opposed to Hezbollah and supported by Saudi Arabia. The Saudis are satisfied with these developments and see an opportunity to strengthen their influence in Lebanon: “From what I have seen so far and the ongoing discussions in Lebanon, I can be very optimistic,” said bin Farhan before his visit to Beirut. Even in Lebanon, there will be joy at the renewal of Saudi funding, and not without reason did Aoun announce that his first trip outside Lebanon would be to Saudi Arabia.

• Saudi Arabia reaffirms support for Syria and Lebanon to regain their status

  The Council of Ministers on Tuesday reaffirmed Saudi Arabia’s support for Syria and Lebanon and their peoples. The Cabinet session, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh, pledged its backing for the efforts aimed at restoring the natural status of the two countries within their Arab and international communities. In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said the Council reiterated this position while discussing the outcome of the recent visits of Minister of Foreign Affairs Prince Faisal bin Farhan to Lebanon and Syria.

• GCC banks to issue over $30bn in US dollar debt in 2025: Fitch Ratings

  Gulf Cooperation Council banks are projected to issue over $30 billion in US dollar-denominated debt in 2025, following a record $42 billion in 2024, Fitch Ratings said in a new report.  The surge in debt issuance is set to be driven by nearly $23 billion in maturing debt, lower US dollar interest rates, and strong regional credit demand, particularly in Saudi Arabia and the UAE.  This comes as GCC banks accounted for 18 percent of total US dollar debt issuance by emerging-market banks in 2024, with this figure rising to 36 percent if Chinese banks are excluded. Favorable global financing conditions, supported by high oil prices projected to remain around $70 per barrel in 2025, are anticipated to continue bolstering investor confidence in the region.

• Saudi Arabia’s FM announces landmark visit to Lebanon

  Prince Faisal bin Farhan said he would visit Lebanon, the first such trip by a Saudi foreign minister in more than a decade. The one-day trip on Thursday will mark the first visit by a high-ranking Saudi official to Lebanon since 2015, after years of strained relations due to Lebanon’s perceived alignment with Iran, its role in drug smuggling to Gulf countries, and ongoing instability. Prince Faisal described the recent election of a president in Lebanon, following a prolonged political vacuum, as a highly positive development. He said the Kingdom welcomed the potential formation of a government but emphasized the need for real reforms and a forward-looking approach to ensure sustainable progress. He reiterated that the future of Lebanon rested in the hands of its people, urging them to make decisions that steer the country in a new direction.

• GCC Banks’ US Dollar Debt Issuance to Exceed USD30 Billion in 2025

  Gulf Cooperation Council (GCC) banks are likely to issue over USD30 billion of US dollar debt in 2025, following their strongest-ever year in 2024 (USD42 billion), Fitch Ratings says. The high 2025 issuance will be driven by nearly USD23 billion of maturities, lower US dollar interest rates and strong credit demand. Fitch expects the Fed to cut rates by 100bp in 2025, which should support favourable financing conditions, and GCC credit growth is likely to be strong, particularly in Saudi Arabia and the UAE. Banks in Saudi Arabia (A+/Stable) and the UAE (AA-/Stable) drove the 2024 issuance, each accounting for about a third. Saudi banks have been increasingly active in international debt capital markets since 2020 to support their strong financing growth plans, diversify their funding bases, and, more recently, to meet increased demand for foreign currency to offset the higher cost of domestic liquidity.

• Saudi National Bank Proposes 16 Million Share Buyback

  Saudi National Bank (SNB), the largest bank in Saudi Arabia by assets, has proposed the repurchase of up to 16 million treasury shares. The initiative, aimed at supporting the bank’s employees’ equity programme, highlights SNB’s commitment to empowering its workforce. The proposed buyback will be financed entirely through the bank’s internal resources, as disclosed in a statement to the Saudi stock exchange. Currently, treasury shares constitute 0.92% of the total shares designated for the equity programme. If approved, the buyback will further strengthen the programme’s foundation and align with the bank’s long-term growth strategy.

• Saudi EXIM Bank Provides Over $1.5 Billion to Support Global Mineral Flow

  Saudi Export-Import Bank (Saudi EXIM Bank) participated as a strategic partner in the fourth annual Future Minerals Forum (FMF), organized by the Ministry of Industry and Mineral Resources under the theme "Year of Impact." The bank contributed insights to drive global development in the mining sector and foster international trade relationships through panel discussions and the conference’s accompanying exhibition. On the sidelines of the forum, Saudi EXIM Bank signed a $15 million credit-line agreement with Pakistan’s Habib Metropolitan Bank Limited to enhance the flow of non-oil Saudi exports to the South Asian country. Under the agreement, Habib Metropolitan Bank will provide credit facilities to importers in Pakistan to finance the purchase of Saudi products. The collaboration aligns with Saudi EXIM Bank's efforts to expand the Kingdom's export base, boost competitiveness in regional and global markets, and open new avenues for export.

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